Embarking on a new phase of your medical training, keep in mind OFA continues to support you.  Questions?  Email us at


Recordings of How to Manage Your Student Loans During Residency (Full Length), Where to StartThe Effects of Postponing PaymentsChoosing the Best Repayment PlanPublic Service Loan Forgiveness, and Consolidation, Refinancing and Taxes are available for your viewing.

Graduated and Working in Rhode Island?  Consider the 2018 Wavemaker Fellowship where you could receive an annual refundable tax credit against your RI income tax to defray the cost of student loan repayments.  Applications for 2018 available January 2018.  For more details, please visit website.

The National Association of Financial Aid Administrators recently published the following article that may impact the servicing of your federal loans - ED Announces Move to Single Student Loan Servicer.  

Fannie Mae Introduces Innovative Solutions for Borrowers with Student Loan Debt:  Innovations Help Borrowers Pay Down Student Debt and Overcome Debt Related Obstacles When Buying a Home article is worth a read.

Physicianloans has a Residency and Relocation loan available to first year residents.  You may apply for a personal loan of up to $20,000 to assist with the expenses of starting residency.  No payments are required for three years and very low rates are available to those with high credit scores.  

Physicianloans has increased their maximum loan amount up to $750K with no money down for qualified homebuyers.  


When you've chosen an income driven repayment plan (IBR, PAYE, or REPAYE) for your federal loans, remember that you will need to verify your income each year, as early as August and September.  So, be careful to pay attention to notes you receive from your servicer

You must plan on reapplying if you wish to extend a deferment or forbearance for your Brown loans. The deferments and forbearances are typically granted for 6 to 12 months at a time. (Ex: The Medical Loan offers 36 months of residency deferment. If your initial residency deferment is granted for 12 months, you will need to complete the entire deferment process again each November.)

Late October  (Intern Year)

Select a repayment plan for your Direct/PLUS Loans. Decide whether you would like to consolidate and combine your Perkins or LDS Loans with your Direct/PLUS Loans. Consolidation allows you to roll these into one new loan that you can repay using one of the income-driven repayment plans.

November ( Intern Year)

After November 15th, complete and submit Brown Residency Deferment Application for your Brown Institutional Loans. Complete your portion of the form and forward it to your residency program coordinator. The coordinator will need to complete and certify/stamp the bottom portion of this form.  Then return to the Brown Loan Office for processing.  New paperwork must be submitted each year.  Have more questions?  Please visit the Brown Loan Office website.

 Note: The Federal Perkins Loan program does not offer residency deferment. If you’ve borrowed a Perkins Loan, your repayment will begin in April.

December (Intern Year)

The first payment is due on Direct/PLUS Loans and must be sent to your federal loan servicer, unless you have completed the forbearance process with that servicer.

January (Intern Year)

The first payment is due on January 1st for your Brown Institutional Loans and must be sent to the Loan Office, unless you have completed the residency deferment process above.   Visit to review your loans and make payments online.

March (Intern Year)

Complete and submit a Forbearance Application if you need to postpone repayment of your Perkins Loan. Submit the completed form directly to the Brown Loan Office.

April (Intern Year)

The first payment is due on April 1st for your Perkins Loans and must be sent to the Loan Office, unless you have completed the forbearance process above.  Visit to review your loans and make payments online.

Helpful Links for Resident Years

How to Manage Student Loans During Residency - AAMC

Living on a Resident's Yearly Salary of $52,300 - AAMC

Education Debt Manager for Graduating Students - AAMC

Public Service Loan F&Qs 

Public Service Loan Forgiveness Application

Mortgage Approval Checklist

Physicians Loan

Doctor Only Program through Washington Trust

Loan Chart

Deferment and Forbearance Chart

Federal Direct and PLUS Loan Repayment Plans Chart

Paycheck City site for calculating Take Home Pay by state and date

Getting Married During Medical School or Residency AAMC Fact Sheet